Energy XXI downgraded at Howard Weil, price target cut at Canaccord

Energy XXI (EXXI -1.5%) is downgraded to Sector Perform from Outperform with a reduced $28 price target from $34 at Howard Weil, which says that given the company's prior issues integrating the Exxon acquisition, investors could question why the integration of the EPL acquisition will perform any better.

EXXI is now an execution story, the firm says, and its ability to meet or exceed production guidance as well as being more transparent with investors about future expectations will drive performance going forward.

Canaccord Genuity maintains its Buy rating, still liking EXII for its oil-weighted asset base, the Gulf of Mexico horizontal drilling program, a history of generating free cash, and potential upside from its exploration program, but cuts its price target to $30 from $36 following disappointing production guidance (

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Comments (4)
  • Maobama
    , contributor
    Comments (520) | Send Message
    Thanks for the reactionary call Howard Weil. Where were you three days ago?


    Incredible that someone receives a salary for this nonsense.
    15 Aug 2014, 01:31 PM Reply Like
  • Clayton Rulli
    , contributor
    Comments (3429) | Send Message
    right and shares are at 16. PT's 28 and 30 ?
    15 Aug 2014, 01:33 PM Reply Like
  • Maobama
    , contributor
    Comments (520) | Send Message
    YEAH!!! 100% UPSIDE!!! Howard Weil covers fairies and unicorns too!
    15 Aug 2014, 01:36 PM Reply Like
  • dutchduke
    , contributor
    Comments (58) | Send Message
    Weil is joke, always has been pathetic sales shop full of backslapping morons


    Their research is about as useful as the motley fool website, their only payday is their energy conference which has also become useless. Basically, people do business with them so they can try to bone Cooper Manning.
    17 Aug 2014, 01:09 AM Reply Like
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